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The Liberal Democrats, in a fine-tuning of their contentious mansion tax policy outlined in 2009, are pressing for the imposition of a capital gains levy on any profit made by the wealthy from the sale of a property after the first £1m (€1.14m).

The Lib Dems’ proposal comes amid the ongoing debate over a possible abolition of the 50p rate of tax for those earning in excess of £150,000.

Chancellor George Osborne told BBC Radio 4 over the weekend that he doesn’t view the top rate as “a lasting tax rate for Britain”, since it’s “very uncompetitive internationally”.